Unibail-Rodamco takeover of Westfield officially completed

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Unibail-Westfield

Unibail-Rodamco has officially completed its acquisition of Westfield and will now trade as Unibail-Rodamco-Westfield.

The completion of the £18.5 billion takeover has seen the newly-formed company’s shares jump 0.27 per cent on the Euronext Amsterdam and Paris market, though it has a secondary listing in Australia.

Its combined estate will include 104 shopping centres across 13 different countries, worth an estimated £53 billion, all of which will carry the Westfield brand.

It is understood to welcome 1.2 billion visitors a year.

Its portfolio is now comprised of 88 per cent retail, seven per cent office space and six per cent convention and exhibition centres.

“Today is an extraordinary day as we bring together Westfield’s and Unibail-Rodamco’s outstanding assets and 3700 talented professionals,” group chief executive Christophe Cuvillier said.

“We look forward to writing together a new chapter in our history. With an unparalleled track-record and know-how in retail, offices and convention & exhibition venues, the group is ideally positioned to generate superior value and develop world-class projects.”

The deal was officially announced in December last year, and was cleared by both parties’ shareholders in May.

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